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Someone is out to prove a point, Bitcoin is dead again. XT failed, Mike Hearn's leadership campaign failed, Classic failed, Craig Wright failed, etc. Or did they? Each incident brought price lower. Working on the assumption that a lower price is their market objective, their campaign has net with some success.
That a similar campaign has been waged against other hard assets, such as gold and silver, is no longer a matter of conspiracy but legal record. Game of Thrones has nothing on the real-world game of markets, shady behaviour is always a bull market.
The cartel, if cartel there be, would naturally gravitate around r/btc. This is pretty clear from the coincidence of r/btc-associated actors coming out with FUD. Still, resorting to outright attack and siding with not-competing-they're-actually-complimenary(but-acutally-competing) altcoins, well, that's a whole new level of saltiness.
If it's downwards manipulation, what's the objective? Could be lots of things:
pushing markets down to accumulate ahead of halving?
jumping ship to ETH?
last-ditch power-grab of the world's premier crypto?
(your best guess here?)
Classic blocks have been running ~5% for a few month so they could have a lot of coins to dump. But it takes a lot of coin to move BTC across major world markets, epseically when pre-halving appetite is high.
My guess is most dumpers won't go to cash, they'll shovel it into Ethereum and other projects and scams. This is possibly why ETH's been pumping lately.
Trader's play here is to ride the move, although it may already be over. That's where judgement comes in. Short BTC and long ETH or is this move about to correct and go the other way?
Brian Armstrong pleding to add his 2c to a dev coup is to me a sign this may well continue. How low they can knock it and pump altcoins will say something to markets. Braced for incoming drama llama squadron.